Projebeyaz International eyes Gulf investors at Cityscape Global Dubai 29.09.2013: ....as housing demand in Southeast European nation grows unabated Foreign investment into Turkish housing estimated to reach US$5 billion

....as housing demand in Southeast European nation grows unabated


Foreign investment into Turkish housing estimated to reach US$5 billion


photo caption:  Tolga Han, International Vice President of Projebeyaz International: “It is crucial that Gulf investors get a closer look at the Turkish real estate sector.”



The value of foreign investment into Turkish housing will be as much as US$5 billion annually for the coming years, with major GCC investors a key source market, the head of a Turkish based property consultant has said today.


Tolga Han, International Vice President of Projebeyaz International, said that following the introduction of Turkey’s law of reciprocity last year that eases foreign investment restrictions in Turkish real estate, investor confidence in the market has grown significantly and in particular from the Gulf.


“With the majority of mainland Europe facing difficulties, Gulf investors are actively redirecting sovereign wealth funds, investment funds and private equity funds into Turkish real estate, which offers a great investment proposition and high capital growth,” said Han.


“This is further boosted by the close proximity to many Middle Eastern countries such as Saudi Arabia, Kuwait, Qatar and the UAE, offering an opportunity for purchases of second homes outside of the MENA region.


“Recent reports estimate that following the regulation of reciprocity that passed in 2012, between 10-12 thousand housing units will be sold to foreigners valued at US$2.5-3 billion during the initial years and $4-5 billion annually for later years.”


Looking to showcase Turkish real estate investment opportunities for Middle East investors, Projebeyaz International will be one of 30 Turkish exhibitors participating at Cityscape Global, taking place from 8-10 October 2013 at the Dubai World Trade Centre.


The fully integrated property consultancy will highlight some of the premier real estate currently available in the Southeast European nation, including the Kempinski Residences Astoria in Şişli; the Helis Metro Ofis in Kartal; Esas Aeropark in Kurtköy; and the Trump Towers, Macka Residences Interior Design by Armani Casa, and Istinye Park Mall in Istanbul.


Added Han: “Currently 15 per cent of our total sales at Projebeyaz International come from the Middle East, but in the next three years we plan to increase this to 50 per cent. As such, we will be at Cityscape Global to represent Turkey in the best way possible to a regional audience of thousands of potential investors.


“We want to ensure that Middle East and Gulf investors have the most accurate information about real estate projects in our country, thus preventing any speculation or misinformation about the market. It is crucial that these investors get a closer look at the Turkish real estate sector.”


With an average GDP growth rate of 4.6 per cent expected over the next five years combined with a population of 84.4 million by the end of 2023 (up 14 per cent from the current 73.6 million), it is anticipated that housing demand in Turkey will grow unabated.


According to the Turkish Real Estate Sector in the Vision of 2023 published by Turkish real estate conglomerate Gyoder, a further 7.56 million urban residential units will need to be added to the market between 2012 and 2023.


Meanwhile, as of April 2012, the number of houses in Turkey purchased by foreign nationals was 78.571, while in the fourth quarter of the same year, real estate sales to foreigners were worth US$791 million.


Projeyebaz International will be at Stand 3B40 and Stand 7D35 with Trump Towers İstanbul as its solution partner in the 1,500 sqm Turkish pavilion at Cityscape Global 2013, the largest out of eight international pavilions this year at the Middle East’s largest and most influential real estate event.

   
           

- Gareth Wright, Total COmmunications Dubai -  also photo